Saturday, April 10, 2010

EUR-USD Technical Analysis - 10 April 2010

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Summary of Last Week EUR-USD Technical Analysis

Another great week for the EUR-USD analysis, once again last Friday analysis proved itself correct. It was expected the fluctuation range is between 1.3271-1.3401 and indeed it was close where the exact is at 1.3291 and currently the price standing at 1.3495. At this current position the market is poised to move up further at least up to 1.3592 to test the peak again before moving back down to 1.3271.

Next Week EUR-USD Technical Analysis

So this is the technical analysis for EUR-USD market movement for next week based on current position and unexpected movement that might occur.
  • Currently standing at 1.3592, this position is considered premature for the EUR-USD because the ideal position should be at least 1.3554 or highest previous peak at 1.3585. Therefore if there is extra upward movement by next week it is no surprise as the pair looking to correct its average movement
  • Threat of major correction is still imminent as Stochastic indicator in the weekly time frame showing strong upside signal.
  • Overall market direction is bearish as monthly time frame indicators Moving Average Convergence Divergence (MACD) and stochastic are heading downtrend.
Expectation of EUR-USD movement next week:
  • It could be another week of fluctuation where the range is between 1.3271 and 1.3585. 
  • Beware of major correction targeting 1.3750
  • Long-term perspective the pair is positioned at the very critical support/resistant level where 50:50 probabilities of market movement is weigh in balance for uptrend and downtrend. This can be seen on the monthly time frame chart where the price positioned exactly at the middle line of the Bollinger band indicator. The upside would be supported by gradual fluctuation heading upwards whereas the downside supported by MACD and Stochastic indicator both heading south.
EUR-USD Daily Chart Analysis
  • MACD Up and Stochastic Down - Maintaining the balance between the bearish and bullish power that resulted in fluctuating candlestick chart patterns

EUR-USD Weekly Chart Analysis
  • MACD Down and Stochastic Up - Another strong balance indicators where it maintain the fluctuation 

EUR-USD Monthly Chart Analysis
  • MACD Downd and Stochastic Down - Strong indication of bearish downtrend. This is where traders do not want to get stuck in the minor support and resistant level as the market may move down big time where they cannot save their money from falling ;).

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